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            march 20, 2018

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Canada's Cargojet quarterly pretax profit rises 9.3pc


Canadian overnight carrier Cargojet's pre-tax second quarter profit increased 9.3 per cent year on year to US$24.6 million, drawn on revenues of $88.2 million, up 11.2 per cent, according to Shipping Gazette.
The company said revenues were up on increased volumes from existing overnight customers, contractual annual price increases related to the consumer price index and fuel surcharges.
This was partially offset by a decrease in charter revenues. "We continue to prudently manage our operating costs and look for further route network optimisation opportunities," said Cargojet president and CEO Ajay Virmani.
He also said the increase in profit and revenue in was due to Cargojet's strategy to improve aircraft utilisation and to maximise margins.
Cargojet handles 1.3 million pounds of cargo every business night across North America on its fleet of 18 all-cargo aircraft.

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